135.12
Designating depositories biennially.

(A)
Beginning in 2004, the state board of
deposit shall meet on the third Monday of March in the even-numbered years for
the purpose of designating the public depositories of the public moneys of the
state, and at such meeting or any adjourned session thereof shall designate
such public depositories and award the public moneys of the state to and among
the public depositories so designated for the period of two years commencing on
the first Monday of July next following.

(B)
Each governing board other than the state
board of deposit shall meet every five years on the third Monday or such
regularly scheduled meeting date of the month next preceding the date of the
expiration of its designation of depositories for the purpose of designating
the public depositories of the public moneys of the subdivision, and at such
meeting or any adjourned session thereof, shall designate such public
depositories and award the public moneys of the subdivision to and among the
public depositories so designated for the period of five years commencing on
the date of the expiration of the next preceding designation. The designation
and award shall be made in duplicate; one copy shall be retained by the
governing board of the subdivision and one copy shall be certified to the
treasurer.

(C)
If a governing
board determines, during a designation period, that a public depository
designated under this section is insolvent or operating in an unsound or unsafe
manner, the governing board may meet and designate a different public
depository of the public moneys of the state or of the subdivision for the
remainder of the designation period.

(D)
If a governing board determines during a
designation period that it is necessary and in the state's or subdivision's
best interests to appoint additional depositories, the governing board may meet
and designate one or more additional public depositories of the public moneys
of the state or of the subdivision for the remainder of the designation period.

(E)
Whenever, by amendment or
enactment of any state or federal law or the amendment or adoption of any valid
regulation thereunder, the terms of a designation or award, lawful at the
beginning of any designation period, cease to be lawful during such period, and
if the change of law or regulation requires, the designation period shall be
limited so as not to extend beyond the date when that change becomes effective.
In such case, the proper governing board shall meet and designate the public
depositories of the public moneys of the state or of the subdivision for the
remainder of the designation period.